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US existing home sales race to more than 9-1/2-year high

Reuters Published on Wed, Nov 23, 2016 / 8:08 AM GMT+8

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WASHINGTON (Nov 23): US home resales rose in October to their highest level in more than 9-1/2 years as homebuyers, buoyed by an improving labor market, took advantage of still-low mortgage rates to snatch up properties after many were shut out during the busy summer selling season.

The jump in sales was further evidence of a pickup in economic growth early in the fourth quarter.

"You have to be pretty confident to buy a house," said Chris Rupkey, chief economist at MUFG Union Bank in New York. "Consumers certainly were in October, showing no hesitation whatsoever ahead of the presidential elections with its often harsh rhetoric and focus on all the things wrong with the economy."

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US existing home sales race to more than 9-1/2-year high